Where to find cheap properties?

[BBGM]

Here in upstate NY, 40% is rare.  Maybe a handfull a year.  REOs can be had at 60% on the $ without too much work but foreclosures are where the action is.  Many of our county tax lien foreclosures have alot of wanta be investors who drive prices too high. 

[Carla Hailey]

How would one find these auctions and how would one bid without traveling down to FL?

Tax lien sales in FL are held in May and June and one may win an auction through competitive bidding. There are some Florida counties that allow online bidding.

[Dave Reynolds]

The best place to find cheap properties is to locate bank-owned properties. Identify several real estate agents in your area that specialize in bank-owned properties and develop a partnership with those agents. By developing a partnership with the bank-owned specialists you are able to gain access to bank-owned properties as soon as they become available. Additionally you can identify which properties have been on the market for awhile and are more likely to sell at a reduced price because the bank is looking to get the property off of its books.

An additional source for cheap properties would be tax sales/auctions. You can find tax sales/auctions in your local paper. Beware with either option the properties are often times purchased as-is meaning there may be some repairs that need to occur prior to moving in.

[savana]

Bank owned properties are always good and making investment in these properties are always beneficial and comes up with more options in future.